The weakening of defensive options (shield, roll, airdodge) has the general effect of making mobility and range matter more. Characters with poor mobility and/or poor range can exploit defensive mixups in order to patch up those weaknesses; it's one of the reasons that Ganon can perform competently vs. certain campy characters.
What do characters who are poor in neutral (like Game and Watch) tend to do? They dash and shield, or throw out spotdodges, or short hop airdodge... basically abusing universal defensive options to patch up holes in their character-specific kits.
Characters with high mobility don't need to rely on these defensive options as much as they can be in their optimal spacing more easily just by moving around... and characters with range, conversely, are harder to get in on unless you have said high mobility.
Biggest losers of the patch relatively are characters who lack good mobility AND good range... Luigi and Kirby come to mind.
Biggest winners relatively are characters with both good mobility AND good range... like Greninja and Ike (who has a good initial dash and good airspeed).
Sheik, Fox, and Pikachu benefit a lot due to their character archetypes.
This is actually a buff to offensive options, namely high damage ones. But the nature of the forumla (the +3 part) means it does infact benefit everyone.
This really does change everything. Ultimately NOBODY is a loser in this patch, because what actually got buffed was offensive pressure, something the entire game was lacking, because the only ones capable of it were characters like Shiek, Fox and Pikachu. Shiek doesn't benefit from this nearly as much as characters like Peach, Ness, Yoshi, ect who all have extremely potent aerials that deal high damage.
Granted she DOES indeed get even better because of it, but the proportional gain isn't what most people think it is. It's higher but doesn't scale in her favor.
Do i think she's been knocked down on the tier list? Haha, no, she's still about to dominate. But we're about to see a different type of domination, if the youtube videos i've seen in the last few hours are any indication.
like
#HBC | Red Ryu
said, the values are actually higher than Melee, and this is
the first time any offensive engine value has ever been tweaked ABOVE what Melee's was.
So, yeah, the game has changed. A good starting point is, literally everyone is safer than before, and shieldbreak is a danger now.